The history of currency in the British colony of Dominica closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight (Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century. The fixed exchange rate of $4.80 = £1 sterling (equivalent to the old $1 = 4s 2d) continued right up until 1976.